Are labels and descriptions written inside panoramas helpful or not?

Labels should not be too large - consider making them a smaller point size. They should blend into the background while still being readable. You have one like that, but don't recall where I saw it.

Labels in panos have their pros and cons. Mainly they take a lot of time to add.

I think the labels are a great idea. Virtual Visitors get a better of idea of where they are and what's nearby. Great thinking somebody!!